Magnite Acquires CTV Ad Serving Platform SpringServe For $31M

Sell-side advertising platform Magnite Inc (NASDAQ:MGNI) acquired SpringServe, an ad serving platform for connected TV (CTV), for $31 million.
SpringServe's technology manages multiple aspects of video advertising for CTV publishers like inventory routing, customized ad experiences, and advanced podding logic.
Tight technical integration between ad serving and programmatic capabilities reduces complexity, improves inventory management between multiple parties, enhances functionality, and can reduce costs.
Last year, SpotX, now a Magnite subsidiary, made a minority investment in SpringServe.
The acquisition will help Magnite meet the needs of leading CTV publishers, Magnite CEO Michael Barrett said. Additionally, Magnite's hybrid solution enables programmatic demand to compete with the publisher's direct-sold demand and optimize yield automatically.
Magnite held $468.6 million in cash and equivalents as of March 31, 2021.
Price action: MGNI shares traded higher by 0.85% at $34.13 in the market session on the last check Thursday.